Obamanomics Not a Mystery to James Madison

The President and his ideological fellow travelers blame everything from George W. Bush to automation for the stubbornly anemic recovery under Obamnomics.  Of course, we all know Obamanomics for what it is: collectivist policies that have been tried and failed hundreds of times over for over a century.

So, it should be no wonder when businesses refuse to expand or invest in new ventures with all the fiscal and regulatory uncertainties (see ObamaCare, volumes of EPA, NLRB, etc. rules...) that lay ahead.

And perhaps the most embarassing for the economic ignoramuses that are the progressives, our founding father James Madison realized over two centuries ago that these types of policies would not work when he penned in the Federalist 62:

"What prudent merchant will hazard his fortunes in any new branch of commerce when he knows not but that his plans may be rendered unlawful before they can be executed? What farmer or manufacturer will lay himself out for the encouragement given to any particular cultivation or establishment, when he can have no assurance that his preparatory labors and advances will not render him a victim to an inconstant government?"

If only progressives had a tiny fraction of wisdom exhibited by the likes of Madison and Jefferson, we might have a worthy recovery 32 months after the end of the recession and not be looking down the barrel of fiscal ruin today.